Drumbeat: October 6, 2012

Ankara—Minister of Petroleum and Mineral Resources Ali Al-Naimi stressed that Saudi Arabia and the Organization of Petroleum Exporting Countries (OPEC) have been ensuring a steady supply of oil to global markets at reasonable prices besides expressing their willingness to meet additional energy demand. “In the first quarter of 2012, high price levels prompted the Kingdom to launch its own initiative to help calm fears about oil supplies and work with others to restore the oil prices to reasonable levels,” Al-Naimi said while speaking at the fifth International Energy Conference in the Turkish capital Ankara. “However, the fears have not completely been allayed, and I repeat here today that there is no shortage of oil supplies. Its stocks remain high, and we can meet any additional demand on oil,” Al-Naimi said.